FinanSys Apps can enhance NetSuite with features that extend its capabilities and maximise efficiency. FinanSys
Note: the company and contact name have been anonymised in this case study. However, our client is happy to be used as a reference, please get in contact with us to find out more.
In an industry where efficiency and progress are measured in barrels and cubic feet, the principal insurance company for one oil and gas giant has found a new metric for success— digital transformation.
With the implementation of FinanSys Apps, they’ve experienced impressive gains and reshaped their operational landscape while driving productivity to new heights.
This case study takes a deep dive into their journey, demonstrating the remarkable impact and the value that FinanSys Apps has brought to their business.
This oil & gas company’s entity was grappling with a challenge that many businesses face: outdated, manual processes that were slowing them down. For years, they were reliant on Excel spreadsheets and other external systems to track their payments. This method, while familiar, was proving increasingly cumbersome.
The process of manually entering data, cross-referencing payment information, and ensuring accuracy was not only time-consuming but also prone to human error.
Recognising the inefficiencies of this system, the team yearned for a change. They envisioned a work environment where automation could handle the routine tasks, freeing up their finance team to focus on more critical aspects of their roles. They wanted to automate as much as they could, including their accounting operations and accounts payable.
The goal was clear: to find a solution that could streamline their payment tracking process, reduce errors, and ultimately drive efficiency across their operations
Exchange Rates App
Before adopting FinanSys Apps, this company relied on a manual process to obtain foreign exchange rates from the approved internal source.
With FinanSys Apps, they were able to create an Exchange Rate App to automate the process, which saved them at least 10 to 15 minutes per day with the upload. In addition, this also reduced the amount of data they needed to import, being that the firm uses about 20 FX rates.
The company made use of the FinanSys Apps Purchase Invoice app to automate its purchase invoice process, allowing the process to be done in a fraction of the time it used to take.
This app made the signatory workflow process much more efficient and delivered time-savings of about 10 to 15 minutes in total per invoice saved between coding, the multiple teams (Swiss finance team, Swiss Insurance team, Chennai coding team, and Chennai payment team), and actual payment process.
Due Diligence, Tax Payment Run, and Supplier Onboarding
Regarding their Due Diligence, Tax Payment Run, and Supplier Onboarding processes, the firm had a very manual process. With the implementation of FinanSys Apps, they no longer needed to manually prepare reporting for the statutory accounts or the payment process. All this information flows nicely together now.
This saves several weeks of work each year across all the teams which were previously involved. If using one full-time equivalent employee (FTE) as the benchmark, this will equate to about 20% of his/her time saved per year (onshore).
Additionally, the firm no longer involves its Chennai service centre as payment-related work has been sourced again, saving up another 20% of the time for 1 FTE from the service centre (offshore).
As for the company’s financial close, an estimated 4 working days are saved each quarter, although this is factored into the savings of 20% in the 1 FTE.
To revolutionise a payment tracking process in an organisation as big as this, a robust and intuitive system is needed.
Our client realised this and after internal discussions they decided on FinanSys Apps.
The Finance Manager explained:
FinanSys Apps stood out for its unmatched ability to automate complex processes and reduce errors, its unlimited potential across finance and all connected departments, and its powerful features and capabilities.
The company saw in FinanSys Apps an opportunity to not only enhance their payment tracking but also to redefine their overall operational efficiency. The decision was made, and this oil & gas powerhouse was set to embark on a transformative journey with FinanSys Apps.
Harnessing FinanSys Apps for Efficiency and Automation
Primarily, the company utilised FinanSys Apps to manage their purchase invoices, which was a largely manual process within their financial operations. FinanSys Apps provided all the features and use cases to automate the invoicing process and make it more efficient.
Furthermore, FinanSys Apps was employed to import foreign exchange rates—an essential task given the company’s international dealings. To accomplish this, an API connection was established with the energy company’s network, allowing automatic updates of rates.
The company’s exploration of FinanSys Apps didn’t stop at these two primary use cases. Intrigued by the software’s innovative capabilities, including the ability for end-users to build business applications with no coding knowledge, they probed deeper, asking questions and learning more about what the system could offer.
This curiosity led to the creation of additional bespoke apps, workflows, and processes tailored to their specific needs, including a Standing Data App, a Due Diligence App and Payment Run App.
The Standing Data app was created by the end users to manage and track standing data, providing an organised, easily accessible repository of information while the Payment Run app was created to efficiently manage and track payment runs, further enhancing the company’s financial operations.
Previously, all these tasks were handled manually, consuming considerable time and resources. With the implementation of FinanSys Apps, these processes became automated and significantly more efficient.
Expanding on the use of FinanSys Apps, the company also adopted it to streamline their due diligence process for new vendors. Previously, this process was handled via emails and documented in an Excel spreadsheet, which was both cumbersome and inefficient.
With the help of FinanSys Apps, they created a custom due diligence app that not only stored all the necessary information but also included an approval flow. This allowed the person responsible for approving new vendors to do so within the system itself, making the process more streamlined and traceable.
Speaking about FinanSys Apps, the company’s Finance Manager had this to say:
How FinanSys Apps Benefited the Insurance Company for the Oil & Gas Giant
Upon implementing FinanSys Apps, the company began to see a significant shift in their operations. The previously tedious process of payment tracking was transformed into a smooth, automated system that reduced errors and freed up valuable time for the team.
FinanSys Apps brought a level of efficiency and accuracy that the traditional Excel-based system simply couldn’t match.
But the benefits of FinanSys Apps extended well beyond payment tracking. The platform’s comprehensive suite of tools and features addressed various operational pain points, driving overall productivity and effectiveness.
Streamlined Processes : The switch to FinanSys Apps meant moving from manual to computer-based solutions. This eliminated a lot of administrative tasks for the team, substantially reducing their workload.
Multi-Attachment Uploads : FinanSys Apps introduced the ability to upload multiple attachments at once, a feature that saved significant time. Before, team members would have to manually combine, for instance, eight attachments into one PDF.
Simplified Approvals : For approvers, the process became much simpler. Approvals used to be an administrative burden with multiple manual sign offs. With FinanSys Apps, signatories and approvers can now easily click to show they’ve approved an invoice. Plus, the additional benefit of having all relevant information conveniently located in one place.
Improved Audit Trail : Another significant benefit of using FinanSys Apps was the creation of an effective audit trail. FinanSys Apps not only aided proper checks and balances but also provided a clear record of approvals, enhancing transparency and accountability.
Centralised Documents : The system’s ability to centralise supporting documents was another major benefit for this organisation. This eliminated the need to hunt through countless emails for specific information, thus improving efficiency and reducing frustration.
One clear advantage of this transition is that the company can now easily monitor transaction histories and maintain accurate records.
The company sees potential for further expansion and utilisation of FinanSys Apps in the future (especially in implementing FinanSys Apps’ native machine learning, artificial intelligence, and automated scheduling capabilities) acknowledging the software’s ability to revolutionise their operations even further.
The Overall Experience with FinanSys Apps
When asked about their experience with FinanSys Apps, the company’s Finance Manager responded:
FinanSys Apps Key Features
FinanSys Apps Use Cases
With FinanSys Apps, there are no limits on the workflows you can create. Our software offers one system to manage an ever-growing number of use cases.
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